“¢ Retreats sharply from 2-1/2 month tops following an upward revision of the UK GDP print, which fueled expectations of An August BoE rate hike.
“¢ Meanwhile, mostly in-line EZ flash CPI figures helped limit further downside near an important horizontal resistance break-point now turned support.
“¢ The cross has managed to hold overnight break through the very important 200-day SMA and with short-term technical indicators sticking to a mildly positive bias, bulls seem more likely to regain their dominant position.
Spot Rate: 0.8852
Daily Low: 0.8836
Daily High: 0.8891
Trend: Bullish
Resistance
R1: 0.8891 (current day swing high)
R2: 0.8907 (R2 daily pivot point)
R3: 0.8932 (March daily closing high)
Support
S1: 0.8819 (200-day SMA)
S2: 0.8777 (S2 daily pivot-point)
S3: 0.8725 (horizontal zone)
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